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Mr Exell said it was a "particularly complex" matter with the prosecution summary about 250 pages long.

Mr Jordanou was "alleged to have drawn funds using false client approvals and invoices . . . then used it across various property developments as well as maintaining a lifestyle," Mr Exell said.

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Mr Jourdano faces more than 100 charges of obtaining a financial advantage, which was often in the form of a home loan or an electronic transfer into a home loan account.

He is also charged with obtaining property by deception, stealing a Mercedes Benz and conspiring to pervert the course of justice with Robert Zaia, Scott Arthur, Frank Porcino and Wayne Collins. Mr Zaia, Mr Arthur and Mr Collins have yet not been charged.

Police alleged they tried to influence or instruct a witness, Marc Stimar, not to talk to police detectives, telling the witness they would "look after him".

Mr Jourdano is also charged with conspiring to defraud a number of major financial institutions, including Commonwealth Bank, ANZ Bank, Bank West, Bank of Melbourne and Bank of Queensland.

Victoria Police's extortion squad began investigating Mr Jordanou and others after Commonwealth Bank discovered that a number of loan applications had been lodged on behalf of clients, which were supported by false documents, Mr Exell said.

The bank made complaints against Melbourne accounting firm Zaia Arthur & Associates' office. Mr Jordanou was said to be a "financial advisor" in the firm, Mr Exell said.

Property development loans were allegedly obtained with false documents including ATO documents, letters of employment and financial statements.

Mr Jordanou's lawyer, George Defteros, said: "We've been waiting for these charges for two and a half years . . . and we welcome these charges because Mr Jordanou wants to get on with his life."

Mr Defteros said his client was a "family man" and had no prior convictions.

Mr Jordanou was released on bail, which police did not oppose, on a number of conditions including that he not "stalk" certain witnesses who were not named in court. One of the witnesses had an intervention order out against him, the court heard.

Mr Jordanou was also told to report to Narre Warren police station every Friday. He surrendered his passport and was told not to leave Victoria or Australia.

It is expected police will interview and charge three other co-accused over the scheme in the next few days.